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Real Property Report – California, December 2014

December Sales Up 7 Percent Month-over-Month Sales for All of 2014 Down 11.4 Percent Y-o-Y Median Prices Nearly Unchanged Since May 2014 December California single-family home and condominium sales increased 7.0 percent to 27,770 units, up from 25,964 in November but down 11.4 from 31,340 in December 2013. Total sales for the entire year (January through December) fell 11.7 percent from 2013 and were the lowest since 2007. “As we predicted early in 2014, sales volume stayed near 7-year lows throughout 2014 because prices rose too far too fast in 2012 and 2013,” said Madeline Schnapp, Director of Economic Research...

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Real Property Report – California, November 2014

Normal Seasonal Forces Slow California Real Estate Sales November Sales Tumble 17.6 Percent Month-over-Month Median Prices Flat As is typical during the late fall and winter season, real estate sales declined in November. California single-family home and condominium sales fell 17.6 percent to 27,649 units from 33,561 in October. Year-over-year, sales were down 8.4 percent from 30,184 sales in November 2013. On a regional basis, for the month, sales declined 31.7 percent in the Bay Area, 21.3 percent in Southern California, and 24.8 percent in the Central Valley. “The California real estate market has entered its annual hibernation period characterized...

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Real Property Report – California, October 2014

October Sales Up 4.4 Percent Month-over-Month Median Prices Flat October 2014 California single-family home and condominium sales increased 4.4 percent to 33,376 units from 31,985 in September. Year-over-year, sales were down 5.3 percent from 35,256 sales in October 2013. On a regional basis, for the month, sales were up 2.0 percent in the Bay Area, 4.3 percent in Southern California, and down 1.6 percent in the Central Valley. The median price of a California home in October was 385,000 dollars, unchanged from September. Median prices have been more or less unchanged since June 2014. On a year-ago basis, median home...

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Real Property Report – California, September 2014

California Real Estate Market Stuck in Low Gear September Sales Limited by High Prices and  Relatively Tough Lending Standards  September 2014 California single-family home and condominium sales fell 5.6 percent to 32,017 units from 33,931 in August. In the past 12 months, sales are down 4.4 percent from 33,484 sales in September 2013. September 2014 sales were the lowest September sales since 2007. On a regional basis, over the past 12 months sales are down 3.7 percent in the Bay Area, 4.9 percent in Southern California, and 8.3 percent in the Central Valley. “The California real estate market is stuck...

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Real Property Report – California, August 2014

Bloom Off the California Real Estate Rose August 2014 Sales Down 13.5 Percent from August 2013 Median Prices Fall in Half of California’s Largest 26 Counties   In August 2014, 34,269 California single-family homes and condominiums were sold, down 4.2 percent from July’s total of 35,787 and a decline of 13.5 percent from 39,614 sales in August 2013. August 2014 sales were the lowest August sales since 2010. On a regional basis, over the past 12 months sales are down 15.7 percent in the Bay Area, 16.7 percent in Southern California, and 18.8 percent in the Central Valley. “The bloom is...

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Real Property Report – California, July 2014

Median Prices Fall in 13 of California’s Largest 26 Counties Year-to-Date Sales Lowest Since 2008 California single-family home and condominium sales gained 3.9 percent in July 2014 but were down 9.2 percent from July 2013. Year-to-date sales for the first seven months of the year are the lowest since 2008. The overall decline in sales is due to several factors: the decline in affordability due to rapid price increases, the rise in mortgage interest rates, lack of affordable inventory, and the rapid decline in distressed property sales. Whereas in July 2013 25.6 percent of sales were distressed properties, in July...

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Real Property Report – California, April 2015

Real Property Report – California, April 2015 California Median Home Price Soars Past $400,000 Mark Highest Since December 2007 Home Sales Up 9.0 Percent from March CALIFORNIA, MAY 19, 2015 — California single-family home and condominium sales were up 9.0 percent in April 2015. April sales were 37,009 up from 33,946 in March. The increase in sales volume was predominantly due to the 9.2 percent gain in non-distressed property sales that accounted for 83.0 percent of total sales. On a year-over-year basis, sales volumes were up 5.8 percent from 34,995 in April 2014 to 37,009 in April 2015. Regionally, year-over-year sales...

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10 Important Tips to Successful Real Estate Investing

Be a Real Estate Investor – 10 Important Secrets

When it comes to investing, everybody has certain goals and aspirations. However, we have found that there are certain guidelines every aspiring real estate investor needs to know:

1. Compare Property Values and Rents

Financial statistics only go so far; the best measure of a property’s market value is often the sale prices of nearby properties. The same holds true for area rents. A low price can often be justified by a reasonable rent; renters who can afford a high rent can afford to buy instead, so reasonably priced rent is a need.

2. Be Careful – Tax Laws May Change

Don’t base your tax investment on current tax laws. The tax code is constantly changing, and a good investment is a good investment regardless of the tax code. The right property with the right financing is what you should look for as an investor.

3. Specialize In Something You Know

Start in a market segment you know. Whether you focus on fixer-uppers, foreclosures, starter homes, low-down payment properties, condominiums, or small apartment buildings, you’ll benefit from experience by specializing in one aspect of investment real estate properties.

4. Know The Costs Going In!

Know the financial statements inside out. What are operating expenses?

What are loan payments? Vacancy costs? Taxes? What does the cash flow statement look like? These are key issues that must be addressed before making a solid investment.

5. Know Where Your Tenants Are Coming From

If the last rent increase was recent, your tenants may be considering a move. If tenants have a short-term lease, they may be living there simply to attract unsuspecting buyers. It is also important to collect the tenants’ security deposits at closing.

6. Assess The Tax Situation

Taxes are an integral part of successful real estate investing, and they often make the difference between a positive cash flow and a negative one. Know the tax situation, and see how it can be
manipulated to your advantage. It may be a good idea to consult a tax advisor.

7. Investigate Insurance Coverage

If seller’s coverage is based on lower-than-current replacement value, your insurance cost may increase when you pay a higher purchase price.

8. Confirm Utility Costs

Ask the local utilities to verify recent utility expenses, especially if any of these costs are included in your tenant’s rent.

9. Consult Your Accountant

Taxation is a key element of successful real estate investing, so be sure to find an accountant who is well-versed with the constantly evolving tax code.

10. Inspect!

Make sure that you always perform a thorough inspection of the property before buying it. Never, ever buy any property without at least examining the site. In some cases, hiring professional inspectors to examine the structural mechanical system may be a sound investment.

Cost Segregation and Tax Deductions

By understanding business tax deductions, business owners may enjoy personal benefits from business expenditures – a nice car to drive, a combination business trip/vacation, retirement savings plan – if they follow the myriad tax rules.

The tax code allows deductions from gross income, which reduce income taxes. Increasing tax deductions reduces taxable income and income taxes. Therefore, knowing how to maximize your deductible business expenses enables you to lower taxes.

According to the IRS, trade or business expenses must be ordinary and necessary to be considered a tax deduction. Although the tax code does not specifically define ordinary and necessary tax deductions, these types of expenses are specified in various IRS publications and regulations. Some of the tax deductions business owners can claim fall under categories such as charitable contributions/donation deductions, medical and dental deductions, moving expense deductions, deducting job costs, travel and entertainment expense deductions, casualty and theft losses, depreciation and involuntary conversion deductions.

The wisdom of tax planning is to take advantage of all the benefits Uncle Sam has to offer. An increasingly popular federal tax savings phenomenon is utilizing a cost segregation study (CSS). These studies offer business owners of improved commercial real estate the opportunity to defer taxes, reduce their overall current tax burden, and free up capital by improving cash flow. A CSS study will identify any item that can be depreciated over a shorter period of time. These studies can result in accelerated depreciation deductions for properties including new buildings being constructed, renovations of existing buildings, leasehold improvements, and the purchase of real estate.

The primary goal of cost segregation is to identify building components that can be reclassified from real property to personal property. This results in a substantially shorter depreciable tax life and accelerated depreciation methods. Ordinarily, the cost of real, or section 1250, property is recovered over lengthy periods (27.5 and 39 years for residential and nonresidential property, respectively), using the straight-line method of depreciation. Personal, or section 1245, property is recovered over considerably shorter periods (5, 7 or 15 years), and employs accelerated methods of depreciation, such as 200% or 150% declining balance.

Article Source: http://www.articlesnatch.com

About the Author:
OConnor & Associates is a national provider of commercial real estate consulting services including federal tax reduction, cost segregation, due diligence, renovation upgrading cost analyses, tax return review and apartment inspections.

http://www.protest-travis-county-property-taxes-appraisals.com/Federal_Tax_Reduction/index.cfm

http://www.poconnor.com/cost_segregation.asp

Read more: http://www.articlesnatch.com/Article/Cost-Segregation—Tax-Deductions–the-Tax-Code-Allows-Deductions-From-Gross-Income-/1211915#ixzz10UEzCiNR
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Real Property Report – California, March 2015

Real Property Report – California, March 2015 California Home Sales Not Drying Up March Sales Jump 33.1 Percent From February, Median Price Gains 4.8 Percent March 2015 California single-family home and condominium sales were 31,989, a 33.1 percent jump from 24,031 in February, the biggest March increase in three years. Driving the increase in sales was the 36.7 percent increase in non-distressed property sales for the month. Non-distressed property sales in March represented 82.8 percent of total sales, up from 79.7 percent a year earlier and a low of 24.3 percent in January 2009. On a year-over-year basis, sales were up 8.8...

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